Australian Interest Rates Up

The Reserve Bank of Australia has become the first major central bank to raise interest rates since the economic crisis - from 3% to 3.25%.

This is significant for anybody who needs to send money to Australia, as higher interest rates increase demand for the currency, and therefore the price tends to increase - in other words, exchange rates for sending money to Australia fall.

This morning, the mid-market rate has fallen below $1.80, and with unemployment figures to come tomorrow overnight, there could be more movement to come if the Australian economy is picking up more quickly than expected.